FameEX Morning Crypto News Recap | July 15, 2024

Customers Shift to Bitcoin and Gold in Response to Trump Shooting

Kyle Rodda, senior financial market analyst at Capital.com, noted a significant shift to Bitcoin and gold among customers after the Trump shooting. He characterized the event as a pivotal change in U.S. political norms and an increase in political violence, leading to risk-off trading preferences that lean towards non-traditional risk aversion methods.

U.S. SEC Enforcement Head Addresses Crypto Regulation

On July 15, Gurbir S. Grewal, head of the U.S. SEC's enforcement division, discussed cryptocurrency regulation at a seminar. He emphasized enforcing federal securities laws on crypto assets, citing the 1946 SEC v. Howey case. Grewal also stressed the critical need to tackle fraudulent crypto activities that have resulted in substantial investor losses.

Analysts Anticipate Dovish Fed Statements to Soften the Dollar

Analysts expect the dollar's rise following Trump's assassination to fade quickly. Dovish comments anticipated from Federal Reserve Chairman Powell this week could further weaken the dollar. Focus is on the expected rate cut, with some predicting a 50 basis point reduction in September, leading traders to buy short-term U.S. Treasuries.

South Korea Contemplates Delaying Tax on Cryptocurrency Investment Income Until 2028

South Korea's Economic Daily revealed that the government and ruling party are contemplating delaying the taxation on cryptocurrency investment income until 2028 in the next tax amendment. Originally, lawmakers proposed a three-year deferral. If the legislation passes, taxation initially set for January 1, 2025, would be postponed to January 1, 2028.

Stablecoins' Overall Market Value Grew by 0.42% Last Week

DefiLlama reports a 0.42% increase in the total market value of stablecoins, reaching US$162.372 billion over the past week. USDT's market value rose by 0.26% to US$112.469 billion, accounting for 69.27% of the market share. In contrast, USDe's market value decreased by 1.977%, now totaling US$3.411 billion.

Russia's Ministry of Finance Proposes Enabling Licensed Exchanges to Offer Digital Currency Trading Services

Anatoly Aksakov, chairman of the State Duma Committee on Financial Markets, affirmed that Russia’s major exchanges are equipped to manage cryptocurrency transactions. He noted that once appropriate legal frameworks are established, these exchanges could quickly begin crypto trading seamlessly.

Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.​